Some Wealth Management Pros and Cons

Some Wealth Management Pros and Cons

After spending a couple months at Merrill Lynch I’ve gained a lot of insight on the wealth management industry. I came into the office with a lot of expectations that were changed or modified as my time here progressed. Here are some pros and cons I’ve come up with regarding wealth management:

Some Pros: At my time here at Merrill Lynch I’ve come to admire how knowledgeable the employees are. A majority of people I interact with know what has been going on in the market to an extensive level and have an idea of where the market will go next. The research I’ve been given has usually been regarding what a company is up to, and regarding bonds that are issued the same day. Coming straight from the university level, I have a lot of appreciation for this level of active learning that you don’t easily find in the workforce. In terms of the job of an FA, the life of a financial analyst is surprisingly routine. It involves researching the market, meeting with clients, and ultimately managing the client’s assets. This is nice because their job is both predictable but exciting. The office at Merrill Lynch is quiet but intense.

Some Cons:

Work is like a game. A lot of what the financial advisors do depends on the market, thus when the market is either up or down (whichever contrasts with what they envisioned it to be) things don’t go well. I could potentially see this as frustrating, considering a lot of what you do is out of your hands, and your success depends on the unreliable market. In terms of the job of an FA, growing up with parents in the medical field, wealth management reminds me a lot of their jobs (maybe this isn’t necessary a con, but it is for me considering my decision against entering that field). When you boil the job down, a client comes in with a problem (unmanaged/mismanaged assets or a health problem) the FA or doctor diagnoses this after research, and moves on.

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